On the evening of December 9th, Haiguang Information, a chip giant with a market value exceeding 500 billion yuan, suddenly issued an announcement, declaring the termination of the major restructuring plan involving the share-for-share absorption and merger of Sugon. Simultaneously, it disclosed an interim dividend plan of 2.09 billion yuan. On the same day, Sugon and the chip enterprise Silerad also officially announced the termination of similar planning, attracting attention from the capital market.
This restructuring plan originated in May this year. Haiguang Information intended to absorb and merge Sugon through a share exchange ratio of 0.5525:1, with a transaction value of 115.967 billion yuan. As an enterprise incubated by Sugon, the restructuring between the two parties aimed to connect the entire industrial chain of “chip design – hardware manufacturing – software services” and enhance competitiveness in the AI computing power field. The restructuring news once drove the market values of the two companies to rise sharply: Haiguang Information’s market value increased from 315.8 billion yuan to 509.7 billion yuan, while Sugon’s rose to 146.5 billion yuan, with a combined market value exceeding 650 billion yuan.
The reasons for the termination were clearly stated as follows: the large transaction scale and the numerous involved parties led to a long period of plan demonstration; in addition, the current market environment has undergone significant changes compared with the initial planning stage, making the implementation conditions immature. Brokerage analysts stated that the market has long had doubts about the feasibility of the merger, and there has been a long-term 20% arbitrage discount in the theoretical price of the plan. Therefore, this termination is in line with expectations and will have limited impact on stock prices.
Both companies emphasized that their cooperation will not be affected. Haiguang Information will focus on high-end chips, join hands with Sugon to consolidate technological barriers, and increase investment in AI full-stack research and development. Sugon, on the other hand, will deepen system-level cooperation and build comprehensive industrial chain capabilities. To stabilize market confidence, the two parties simultaneously launched dividend plans: Haiguang Information intends to distribute 0.9 yuan per 10 shares, and Sugon plans to distribute 0.7 yuan per 10 shares, with a total dividend amount exceeding 300 million yuan.
On the same day, Silerad also terminated its plan to acquire Aura Semiconductor, and the transaction fell through due to “immature implementation conditions”. Aura Semiconductor’s clock chips and other products have reached the global leading level, and the failure of this acquisition may affect Silerad’s layout progress in the AI server field.
All three companies have committed not to plan major restructurings within the next month. Haiguang Information and Sugon are scheduled to hold an investor briefing on December 10th to respond to market concerns. The industry believes that against the backdrop of increasing valuation fluctuations and accelerated technological iteration in the semiconductor industry, this termination may reserve more flexible development space for the enterprises.
